"Countries relying on imported fossil fuels are exposed to geopolitical shocks — electrification must be accelerated"

Kim Sung-hwan (left), minister of Climate, Environment and Energy, poses for a photo with EU Energy and Housing Commissioner Dan Jorgensen at the Berlaymont building, the EU headquarters in Brussels, Belgium, on June 10 (local time). [Ministry of Climate, Environment and Energy]
Kim Sung-hwan (left), minister of Climate, Environment and Energy, poses for a photo with EU Energy and Housing Commissioner Dan Jorgensen at the Berlaymont building, the EU headquarters in Brussels, Belgium, on June 10 (local time). [Ministry of Climate, Environment and Energy]

South Korea has joined a global platform aimed at accelerating the clean energy transition and strengthening energy security through the electrification of industry, buildings and transportation, as well as the expansion of power grids, energy storage systems and clean energy deployment.

According to the Ministry of Climate, Environment and Energy, South Korea agreed Wednesday to join the "Electrify Now" initiative, launched at the Global Energy Transition and Electrification Summit held in London on Tuesday (local time).

In a joint statement, participating countries agreed to cooperate in three areas: sharing best practices on electrification and strengthening national implementation plans; coordinating policy and regulation to expand investment in power grids, storage systems and renewable energy; and providing financial and technical support to bolster energy resilience in developing nations.

The participating countries said advances in electrical technology and the resulting surge in demand would bring structural changes to the global energy mix — changes already underway. They added that global electric vehicle sales this year are expected to reach 23 million units, accounting for 28 percent of total vehicle sales, and that electricity demand would grow four times faster than overall energy demand by 2035 under current policy conditions.

They also projected that investment in power supply chains and infrastructure would reach $1.6 trillion (about 2,453.6 trillion won) this year. "But we must go further and faster," they said.

The participating countries said the current energy crisis had made clear that nations dependent on unstable imported fossil fuels are inevitably exposed to geopolitical shocks and inherent price volatility. "The solution is to accelerate electrification and expand clean energy deployment," they said.

South Korea joined the Electrify Now initiative at the EU's request, made during a bilateral meeting between Climate Minister Kim Sung-hwan and the EU energy commissioner on the sidelines of President Lee Jae-myung's European tour. Lee Chang-hoon, chair of the Presidential Commission on Carbon Neutrality and Green Growth, attended the launch ceremony as South Korea's representative.

Other participants in the Electrify Now initiative include the EU, Brazil — which holds the COP30 presidency — COP31 co-presidents Australia and Türkiye, COP32 host Ethiopia, the United Kingdom, Canada, Barbados, the Philippines, the International Energy Agency and the International Renewable Energy Agency.

The government said it would actively participate in follow-up events, including a high-level climate session during the UN General Assembly Climate Week in September and an electrification leaders' session at COP31 in November.


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